With many versions of the draft of the crypto currency bill in circulation, uncertainty continues for crypto investors as the government is yet to approve the crypto bill and finance ministry officials’ claim that the draft bill is “yet to be finalised”.
Earlier there were reports that under the new draft bill there is provision of punishment of any violation a fine of Rs 20 crore or about $2.7 million or imprisonment of 1.5 years will be slapped on the individual. It also said that the bill is likely to use the term ‘crypto currencies’ and won’t refer to the central bank’s plan to create its own digital currency, citing sources.
“These are all conflicting reports. One report is talking about prohibition while others are talking about regulators. I don’t think anybody has seen the content of the bill. The bill has not been presented to the Cabinet yet. We have to wait and watch “ Nischal Shetty of WazirX says.